18-20 Holmes Street Boston, MA : Allston 02134
MLS # 71032999
List Price: $384,900
Territory Rebate: $3,665

FIRST SHOWING OPEN HOUSE SAT 2/20 AND SUN 2/21 10-12 BRING YOUR OFFERS!!!! Brick attached row-house very well maintained,reap the benefits of Harvard University’s expansion into North Allston. Superb rental location for owner/investor. This attached 2 family is situated on private way only feet behind Harvard University’s Teele Hall in the shadow of The Stadium. Newer roof, replacement windows, New hardwood floors, Extensive renovations completed 2nd floor in 2008

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Listing courtesy of Gaetano Contaldi @ ZipRealty, Inc. This property information was gathered from third party sources including the seller and public records and was complied by MLS Property Information Network, Inc. Territory Real Estate, LLC disclaims any and all representations or warranties as to its accuracy.

Forest Properties, a Newton-based real estate firm, is putting on the sales block a portfolio of apartment buildings in the student-packed neighborhoods of Allston and The Fenway. Up for grabs are a total of 518 apartments in 24 properties in the two neighborhoods. - Boston Herald

The portfolio includes Northeastern strongholds 91 Westland and 24, 64 and 26 Hemenway Street and is being pitched as a handyman’s dream with significant “upside” potential and above-average rent growth.

Could this sale lead to a big shake up of the student rental market? I figure that if the new buyer repositions the properties as students rentals it would flood the market and bring average rental price down for everyone. My opinion is purely speculative since I don’t have any hard data but what do you think? Will City Councilor Michael Ross’s Student Occupancy Law have any impact on this deal?

Via the Boston Redevelopment Authority…

Applications must be picked up in person at Allston/Brighton CDC - 320 Washington Street, Brighton, MA - at the following times:

March 18, 19 & 21: 9AM-5PM
March 20: 9AM-7PM
March 22: 10AM-2PM

Applications must be returned, in person, by: April 3rd, 2008 by 4PM to 197 Portland Street, 6th Floor Boston, MA 02114 or postmarked by April 3rd, 2008 and mailed to 197 Portland Street, 6th Floor Boston, MA 02114

For more information on this opportunity please review the Boston Redevelopment Authority’s Affordable Housing Page or contact Tina at 617-242-0080

This is the big debate going on now that the Boston Zoning Commission has legally limited the number of undergraduate college students who can live together (to four).

Some argue that the law is discriminatory and while by definition this is certainly true, from a legal standpoint “students” are not a protected class which means that from the courts point of view it’s not discriminatory.

Other say that the law is simply unenforceable. It will be interesting to see what the Boston Inspectional Services department comes up with when it meets Tuesday to develop an eforcement plan.

Historically courts have upheld a city’s right to enforce occupancy limits for unrelated residents but never has a city specifically singled out college students. This may be the fatal flaw in the bills architecture.

Councilor Michael Ross, the measure’s chief proponent, made said the ordinance simply restores previous regulations barring more than four unrelated people from living together. “People should have realized that, eventually, the other shoe was going to drop,” he said. - Boston.com

I wouldn’t be surprised if Mr. Ross is forced back to the drawing board on this one.

The Boston Zoning Commission set a limit of four yesterday on the number of college students who can live together off campus, a far-reaching decision that could spur a citywide crackdown on crowded student housing. - Boston.com

The new law, supported by neighborhood groups, college officials, and city leaders, is intended to increase residents quality of life by reducing the number of rowdy late-night parties but the truth is that the law will likely have a strong negative effect on very group that endorsed it.

Arbitrarily limiting the number of inhabitants that can legally occupy an apartment indirectly sets a limit on the value of the apartment. With the simple logic that if each student can spend up to X on rent the maximum value of an apartment is now 4X divided by the Capitalization Rate.  Areas like Allston or Brighton, that contain much of the city’s supply of rental buildings/units, are likely to see property values plummet thanks to the new law.

We believe the best way to predict a market’s future is to examine simple supply and demand statistics. With Mr. Adam Smith as our inspiration we have examined supply and demand for real estate listings in Boston’s sub-neighborhoods.

We looked at single family, multifamily, condo and land listings. To determine supply we measured the number of listings currently on the market. To determine demand we measured the absorption rates (average number of listings sold per month) over the past year. All figures have been rounded off.  Arguably, the higher the supply to demand ratio the more pessimistic one should be about the market’s future.

Allston:
Supply = 51 listings
Demand = absorption rate of 10 per month
Supply / Demand Ratio = 5 months

Back Bay:
Supply = 183 listings
Demand = absorption rate of 37 per month
Supply / Demand Ratio = 5 months

Bay Village:
Supply = 3 listings
Demand = absorption rate of 1 per month
Supply / Demand Ratio = 3 months

Beacon Hill:
Supply = 107 listings
Demand = absorption rate of 14 per month
Supply / Demand Ratio = 8 months

Brighton:
Supply = 144 listings
Demand = absorption rate of 33 per month
Supply / Demand Ratio = 4 months

Charlestown:
Supply = 161 listings
Demand = absorption rate of 30 per month
Supply / Demand Ratio = 5 months

Chinatown:
Supply = 1 listings
Demand = absorption rate of 1/12 per month
Supply / Demand Ratio = 12 months

Dorchester:
Supply = 721 listings
Demand = absorption rate of 60 per month
Supply / Demand Ratio = 12 months

East Boston:
Supply = 259 listings
Demand = absorption rate of 19 per month
Supply / Demand Ratio = 14 months

Financial District:
Supply = 1 listings
Demand = absorption rate of 3/4 per month
Supply / Demand Ratio = 2 months

Fort Hill:
Supply = 19 listings
Demand = absorption rate of 3 per month
Supply / Demand Ratio = 6 months

Hyde Park:
Supply = 166 listings
Demand = absorption rate of 18 per month
Supply / Demand Ratio = 9 months

Jamaica Plain:
Supply = 151 listings
Demand = absorption rate of 44 per month
Supply / Demand Ratio = 3 months

Leather District:
Supply = 18 listings
Demand = absorption rate of 3 per month
Supply / Demand Ratio = 6 months

Mattapan:
Supply = 109 listings
Demand = absorption rate of 7 per month
Supply / Demand Ratio = 16 months

Midtown:
Supply = 32 listings
Demand = absorption rate of 4 per month
Supply / Demand Ratio = 8 months

Mission Hill:
Supply = 8 listings
Demand = absorption rate of 3 per month
Supply / Demand Ratio = 3 months

North End:
Supply = 58 listings
Demand = absorption rate of 8 per month
Supply / Demand Ratio = 7 months

Roslindale:
Supply = 151 listings
Demand = absorption rate of 22 per month
Supply / Demand Ratio = 7 months

Roxbury:
Supply = 132 listings
Demand = absorption rate of 6 per month
Supply / Demand Ratio = 22 months

Seaport District:
Supply = 24 listings
Demand = absorption rate of 4 per month
Supply / Demand Ratio = 6 months

South Boston:
Supply = 271 listings
Demand = absorption rate of 56 per month
Supply / Demand Ratio = 5 months

South End:
Supply = 221 listings
Demand = absorption rate of 54 per month
Supply / Demand Ratio = 4 months

The Fenway:
Supply = 78 listings
Demand = absorption rate of 13 per month
Supply / Demand Ratio = 6 months

Theatre District:
Supply = 0 listings
Demand = absorption rate of 1/12 per month
Supply / Demand Ratio = 0 months

Waterfront:
Supply = 91 listings
Demand = absorption rate of 9 per month
Supply / Demand Ratio = 10 months

West End:
Supply = 23 listings
Demand = absorption rate of 3 per month
Supply / Demand Ratio = 8 months

West Roxbury:
Supply = 121 listings
Demand = absorption rate of 29 per month
Supply / Demand Ratio = 4 months

Allston: Great place to invest.

1)MLS 70715098 , 68 Southbourne Road. 3 bed/1.5 bath with new kitchen, parking and patio. $399,000. OH: 11:30AM - 01:00PM on Feb 24 2008

2) MLS 70715202, 10 Park Vale Avenue, Unit 4. Newly renovated 2bed/1bath plus parking and laundry. $349,700. OH: 12:00PM - 02:00PM on Feb 24 2008

3) MLS 70711339, 14 Pomeroy Street. Fabulous SF colonia. With a little over 1900 sqre ft, this property has 4bedrooms and 3 baths. 2 car parking and a fenced yard plus near the green line. $495,000. OH: 12:00PM - 1:00PM on Feb 24 2008.

South Boston:

1) Brand new renovations. MLS 70711102 and MLS 70711105, 289 West 2nd, Unit 2 & 3. First unit is 800 sqre ft 2bed/1bath for $319,000 and second is also a 800 sqre ft 2bed/1bath penthouse with exclusive roof deck. Both have gorgeous dark brown hardwoods, new kitchens and exposed brick. OH: 12:00PM - 02:00PM on Feb 24 2008.

2) MLS 70714864, 181 West Fifth Street U:#1. 2Bed/1Bath with exclusive yard, deeded storage. $279,000. OH: 11:30AM - 01:00PM on Feb 24 2008.

3) MLS 70714730, 662 East Seventh Street U:3. Beautifully done 3bed/2bath unit with roof rights. $385,000. OH: 1:00PM - 2:00PM on Feb 24 2008.

4) MLS 70707857, 29 Vinton Street U:8. 1200 sqre ft, 2 bed/2bath penthouse with master suite that has its own deck. Other features are a fireplace, common roof deck and washer/dryer in unit. $437,000. OH:2:00PM - 3:00PM on Feb 24 200.

Jamaica Plain:

1) MLS 70711769, 2 Dunning Way U:#112. Charming 1 bedroom with parking! extra storage and laundry in building. Walk to train. $189,900. OH: 1:00PM - 02:00PM on Feb 24 2008.

2) MLS 70713121, 238 Hyde Park Ave U 1. 950 sqre ft 2Bed/1Bath with fireplace, seperate living room and dining room. $269,900. OH: 12:00PM - 01:30PM on Feb 24 2008.

3) MLS 70715237, 72 Wyman Street U:3. Near Centre Street and the T, this 2 bed/1bath with an eat in kitchen has been nicely renovated. Gorgeous original pine floors plus deeded parking. $339,000. OH:
12:00PM - 01:30PM on Feb 24 2008.

4) MLS 70711704, 11 Aldworth Street U:1. Great street! Spacious 3bed/1bath with formal dining room near the pond. Private storage and deeded yard space. $448,900. OH: 12:00PM - 01:30PM on Feb 24 2008.

5) MLS 70708616, 35 Paul Gore Street U:2. Amazing contemporary renovations with gorgeous original pine floors. 1404 sqre ft 3bed/2bath in a restored victorian. Unit has a deck and laundry in the unit. Near the T. $499,000. OH: 2:00PM - 3:30PM on Feb 24 2008.